Money Questions and Answers

Top 4 Great Benefits of Buying a House You Need to Know

Tips Saving Down Payment and Buying A House With Student Loan Debt

Buying a house is still part of the American Dream. There are several great benefits of buying a house that you should be aware of. While today’s housing market and the significant lack of available credit makes owning a home more difficult, it is not impossible to purchase a home. With good credit and down payment, you can find a mortgage to purchase a new home. Renting should not be your default option when there are so many great benefits of buying a house. Four Great Benefits Of Buying A House Forced Savings One of the greatest benefits of buying a house is that it forces you into a set savings plan. Every payment that you make on your mortgage … Read more

Ten Ways To Inspire Yourself To Save And Invest

by Hank Coleman

You may have noticed that learning to play the guitar has been on my list of 100 goals to complete before I die. Not only have I been taking guitar lessons from a teacher locally, but I have also really enjoyed the lessons that Nate Savage from GuitarLessons.com puts on his site and on YouTube.

Recently Nate sent out an email to his newsletter subscribers (you can subscribe to the Money Q&A newsletter here) about meeting an incredible guitar player and one of his heroes that inspired him to strive to become a better guitar player. His video (seen here) got me thinking. What inspires you to become a better saver or investor?

You should and need to be inspired. For many people starting to save or starting to invest is a hard proposition. Far too many people think that they simply can’t save for retirement. They face living paycheck to paycheck and feel like they can’t get off of that rut.

But, you can. You can get inspired to save and invest. Starting is often the hardest part. Below are ten great ways to inspire yourself to start saving and investing, and if you are already saving and investing, hopefully these tips will inspire you to keep going and boost your financial wellbeing.

Ten Ways To Inspire Yourself To Save And Invest

Meet Someone Famous – Like Nate Savage meeting a famous guitar player, I meet Gary Vaynerchuk at a book signing back when he was promoting his book, “Crush It!“. It was incredibly inspiring to meet him, listen to him talk, and get to ask him a few questions. I was on cloud nine for weeks and weeks, full of aspirations and inspired like never before.

Does Bad Credit Affect Car Insurance Premiums?

by Hank Coleman

For years car insurance companies have used your credit history in order to help them determine the likelihood that you will file a claim on your car insurance. According to studies like the one conducted by the industry group, the Insurance Information Institute, drivers with low credit scores tend to file 40% more insurance claims with their car insurance companies. It is estimated that those with poor credit scores can find themselves paying anywhere between 20% and 50% more for insurance than someone with better credit. How Much Does Bad Credit Affect Car Insurance? No one knows for sure how bad credit affects car insurance premiums for individuals. That is because car insurance companies keep it a secret. While most experts … Read more

Why You Need To Create A Will To Protect Your Family

by Hank Coleman

Many people mistakenly think that they do not need to create a will. It typically stems from the belief that you do not have enough assets to justify it, or you incorrectly assuming that your assets will pass to your spouse of loved ones. Each state is different as to who receives your property when you die without a will. If you want to ensure that your wishes are carried out, then you need to have a will in place. Getting a will does not have to be a long drawn out affair with lawyers like most people assume. Three Reasons You Need To Create A Will Pass Assets Many assets such as investment accounts, 401k retirement accounts, Roth IRA … Read more

Five Ways To Recover From Your Investing Mistakes

by Hank Coleman

How To Recover From Your Investing Mistakes

We all make mistakes in life, and that fact of life extends to our investments as well. We all make investing mistakes. I know that I have made quite a few over the course of the past decade. Whether you have withdrawn money from a retirement account early, not invested enough to capture your employer’s 401k matching contribution, or even not saved as much as you should have, the real question is what to do now. How do you recover from mistakes? Get Back Up on the Horse When you fall off a horse, you have to get right back up and try again, and the same is true when you make an investing mistake. Have you used your 401k … Read more

Reader’s Question: What To Invest In After The Company Match

by Hank Coleman

Here is the next installment in our the Reader’s Questions Series which highlight questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if your money question is chosen to be featured on the blog.

If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It is one of my top ten best personal finance books that everyone should read. Now….on to our reader’s question. I recently received an email from a reader, Ralph, who ask…

I’ve been investing more than my company’s match. So for instance if my401k company match is 5% and I invest 10%, is it better to continue or just invest the 5% that’ll get the match and invest the rest in a Roth IRA?

This is a great question that a lot of investors have to tackle when they are deciding where to put those finite investing dollars to work. You often can’t be everywhere at once.

So, the real question is where to start and where to go after you get going with your retirement investing. There are several things that you should consider in order to maximize your savings and minimize your tax liability as well.